Of late, Litecoin has been gaining momentum and making headlines for being one of the most preferred cryptocurrencies for transactions, even surpassing Bitcoin for a moment.
But what is the reason behind its meteoric rise and a mass prevalent bullish sentiment of investors over it? In this article, we will dissect the growth of Litecoin and what seems to be fuelling its spectacular rise.
Trajectory of Litecoin
Looking at the coin’s trajectory from November 2023, we recorded a historic moment when Litecoin overtook Bitcoin as the most used payment methods on Bitpay, one of the world’s leading payment processors.
A quick look into Litecoin’s recent performance revealed a lack of optimistic conviction, particularly after March 2024. Despite its modest rebound, it seemed to be the case even after the current crash.
This significant achievement has led many HOLDLers to increase to 8.16 million from 4.62 million in the past few months. Therefore, Litecoin offers a stimulating prospect for those seeking to invest in a cryptocurrency with practical uses.
What is Litecoin?
While Litecoin might not have made headlines like prominent crypto tokens like Bitcoin (BTC), it remains as one of the most popular crypto assets and also one of the oldest in the crypto market.
Founded in 2011 by a former Google developer, Charlie Lee, the digital asset Litecoin is considered the “silver to bitcoin’s gold.” This is because this crypto asset was designed to address a number of Bitcoin’s shortcomings, including its sluggish transaction processing speed.
Although it is worth noting that, over time, Bitcoin developed into more of a ‘store of value’, Litecoin remains better suited for daily transactions because of its fast block generation time and large supply.
Based on information from Chagelly’s prediction table, Litecoin shows a prediction uptrend from (August to December) 2024.
Reasons to be Bullish on Litecoin in 2024
While there are many reasons to be bullish on Litecoin in 2024, here are five reasons you should research and make a good decision when it comes to investments.
Litecoin Expanding into Banking Services
Recently, Charlie Lee, the founder of Litecoin, announced that Litecoin is expanding into banking services at the recent Litecoin summit.
This integration for Litecoin is geared towards achieving its goal of partnering with financial institutions to increase accessibility and acceptability. This action is part of a larger plan to give consumers easier access to digital currencies like Litecoin by bridging the gap between traditional banking and the cryptocurrency world.
Litecoin dominates crypto ATMs.
According to CoinATMRader, over 19,000 ATMs worldwide support Litecoin. These ATMs allow transactions to be completed easily using cash or a debit card. Since Litecoin ATMs are internet-based, all transactions take place online. Depending on the type of machine, some cryptocurrency ATMs transmit your money to a public key on Blockchain, while others provide paper receipts with QR codes to finish the transaction.
Scrypt Mining
Litecoin stands apart in a market dominated by Bitcoin’s SHA-256 mining algorithm due to its supremacy in Scrypt mining. Litecoin’s Scrypt hashing algorithm aims to prevent big mining operations from controlling the market, creating a genuinely decentralised and safe payment option.
Because of this supremacy, LTC’s security has been improved. Other cryptocurrencies, like Bitcoin Cash and Bitcoin SV, which have less control over their algorithms, are still more vulnerable to malicious assaults.
Acceptance of Litecoin ETF
Charlie Lee, the creator of Litecoin, is certain the SEC will approve the listing of a Litecoin (LTC) exchange-traded fund (ETF) so it may be traded on American stock exchanges. Lee thought that this would happen eventually.
The recent launch and acceptance of EFTs by the SEC for Bitcoin and Ethereum is fostering this strong stand and, if approved, might be a good investment for intending investors.
Conclusion
It is clear that Litecoin shows a promising future and might become a promising investment with its expanding banking services, crypto ATMs, and potential ETF approval. Apart from this, Litecoin remains one of the leading crypto assets in the market. As per analysts, the prediction trajectory of Litecoin for Q4 2024 also looks favourable so it is definitely a coin one should look out for.